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East London presents itself as one of the greenest sub-regions in the capital city, as well as being home to some of the most ethnically diverse boroughs.
The East of London has undergone a lot of regeneration, especially following the 2012 London Olympics, but you may have decided that you want to move from the area. So what can you expect when putting your home on the property market?
Looking to sell your East London home?
East London presents more affordability for buyers per square foot of space than a lot of other areas in London. On average, property in East London is likely to sell for around £406,930, although this depends on your exact location, property type and number of bedrooms available.
Property prices have risen rapidly over the last 10 years in line with the rest of London. Generally speaking, the closer your property is to Central London, the more it will have risen in price. Property in Hackney will cost buyers an average of £703,924, with many properties topping the £1,000,000 mark. Property in Bexley is the most affordable for the area at around £341,582 for a property, which is more in line with property prices outside of London.
Looking to rent your home?
You may be wanting to move from the area, but would like to keep your property as a rental opportunity. So what can you expect from the East London rental market?
Much like sales prices, rental prices are lower than the London average, but still higher than the majority of the UK.
Hackney rental prices will help you bring in around £2,200 per month, primarily due to its proximity to the centre.
Bexley is on the other end of the spectrum with rental income bringing in an average of £1,099 PCM.
Buyer demographic in East London?
East London is one of the most ethnically diverse areas in the capital city and attracts people from all across the world to its unique communities. The average age for people buying in the area is 36 years old, most of which are either married, have a family or are in the process of starting a family.
Due to lower property prices than the rest of London, you can expect your home to be snapped up somewhat quickly. The area average is just 65 days, which is the lowest in London, although it takes just 48 days for most sales processes to be completed in Bexley.
Hackney is again on the top of the scale due to higher property prices, and will take around 78 days for contracts to be completed.
Similar locations to East London?
East London has plenty of green space among its diverse communities. If you are looking for somewhere similar to live, you might want to consider moving to Harrow or Ealing in West London.
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